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Market Losers this week CIT Group and US Bank

CIT Group and US Bank bankrupt?

CIT Group's losses have been mounting as its borrowing costs have outstripped its income amid the credit crunch. It has received $2.3 billion in federal bailout money. CIT GROUP HAS launched the debt restructuring effort Oct. 1 with the hope that it will trim at least $5.7 billion from its near-term debt. It is also asking bondholders to approve a prepackaged reorganization plan in case it is forced to file for Chapter 11 bankruptcy protection.

The company said in a statement late Friday that the debt exchange changes have the backing of its board and a steering committee of a bondholders.

Bank of America reported a bigger than expected net loss of $1bn in the third quarter . Bank of America customers struggled to pay credit card and mortgage bills. Bank of America said it had been hit "by continued weakness in the US and global economies and stress on the consumer, which continues to result in high credit costs". Bank of America paying special dividends of $1.2bn, including $893m to the US government for its bail-out of the bank last year, the total loss for shareholders was $2.24bn.

When will we see improvements in their performance? Are they in more trouble now than they where before? Is this a great opportunity to buy (CIT ,USB)? I believe its and awesome time for investors . The idea of buying in the worst possible situation ,when you can really get a bang for your buck.Some worry about there future , but i see it as a perfect opportunity . As of Friday CIT was trading at CIT 1.12 . Some would choose to be skeptical and wait and see, but I see it at CIT at $1.50 by the end of next week .

Americana's are in debt and have twice as many credit cards debt as they did in the year 2000. CIT Group and US Bank still don't get the concept of pations and doing business the old fation way. They still cant understand that without hard work you cant accomplish much.

Its like a friend of my had an old car , and a delivery business , and he was working hard taking care of his vehicle , maintaining it and not over working it , But than he got greedy,, really greedy and he started running his vehicle twice as fast and less time was given to maintenance , he was making more and more money . Suddenly that vehicle broke , and he was out of money ,instead of living within his means he was buying buying buying and when his delivery vehicle broke down he didn't have enough money for a new one . The bills where piling up he needed allot more money to support his new living arrangement , and this time he couldn't patch the vehicle up.

600,ooo people gave up in looking for work this month

23 states are reporting a spike in the unemployment rate this month . Aldo many states have seen job growth most are in the negatives. While layoffs are slowing we are still seeing the many company's not willing to hire new help as fears of economic grows strengthens . Many people are just giving up on looking for work and over 600,000 people gave up in looking for work .The official reports may be deceiving , as many with Unemployment benefits are running out , we could see a catastrophe to the extent of The Great Depression. Hiding numbers may never be realised , but businesses and workers are reporting a different story than that we are being told by the Zoffisial reports.Jobless rate rose to 9.8 percent in September, a 26-year high, from 9.7 percent. While the Stimulus package did help some , most average folks are reportedly not seeing a difference. Its still hard to find work and the housing crisis seems to have no end in sight.I will never say that the stimulus plan was a mistake as it did stabilize the U.S. economy, on the other hand we are seeing a slow recovery.